The Nigerian Upstream Petroleum Regulatory Fee (NUPRC) has disclosed that the nation’s crude oil manufacturing has risen to 1.8 million barrels per day which is in keeping with efforts to make sure power safety.
The NUPRC Chief Government, Engr. Gbenga Komolafe disclosed this on Monday on the forty second Annual Worldwide Convention and Exhibition of the Nigerian Affiliation of Petroleum Explorationists (NAPE) held in Lagos on the theme: ‘Resolving the Nigerian Power Trilemma – Power Safety, Sustainable Development, and Affordability.’
The event follows the regulator’s bold transfer to lift crude oil manufacturing to 2.6 million barrels per day as launched in October.
The Fee mentioned it might obtain this by way of an extra a million barrels per day by way of its Mission One Million Barrels Per Day Initiative.
Komolafe, who was represented by the Government Commissioner, Improvement and Manufacturing, Mr. Enorense Amadasu, defined that the continuing reforms within the oil and gasoline sector is aimed toward guaranteeing most advantages from Nigeria’s oil and gasoline assets for the 200 million Nigerian shareholders and buyers.
He talked about that efforts are underway to additional enhance manufacturing to 2 million barrels per day by December 2024.
Komolafe careworn that the regulatory certainty beneath the PIA has enabled the Fee to develop 25 laws and tips, with 17 already gazette, whereas others are in superior phases of completion.
“The Laws give which means to the intent of the PIA and stimulate actions of petroleum exploitation for power safety. Entrenching regulatory certainty is a cornerstone of the continuing implementation of the Regulatory Motion Plan for 2024 and the Close to Time period issued by the NUPRC on January 1st this 12 months.
“Though the evolving power panorama presents its distinctive challenges for Nigeria, therein lies a world of alternatives for stability, progress, and sustainability. It’s no information that our beloved nation holds huge pure assets, with oil and gasoline enjoying a big function in nationwide economic system, regional affect, and international place.
“But, within the face of the altering ecosystem, Nigeria finds itself in a pivotal period to realize stability by way of strategic actions for power safety, power affordability and power sustainability for all Nigerians. That’s the trilemma all of us should work to resolve. Resolving that is essential to Nigeria’s power independence and nationwide safety,” he mentioned.
He revealed that primarily based on the articulated framework, 4 divestment and gross sales transactions have acquired ministerial consents and approvals inside this era, mentioning that no Worldwide Oil Firm (IOC) has left Nigeria.
“What the business has skilled is portfolio rationalization which isn’t unusual in different jurisdictions. Divestments give alternatives for extra investments and elevated native participation within the upstream. We’re subsequently assured that new asset holders will conduct operations in a vigorous and business-like method for optimum worth creation for enhanced power safety and sustainability within the close to time period.”
Talking on Home Crude Provide Obligations, he pledged help for native refiners in keeping with the provisions of the legislation.
“The Fee is keenly conscious of its duty to make sure optimum crude oil provide to home refineries beneath honest and simply business phrases and in keeping with the provisions of the PIA. Accordingly, the NUPRC has facilitated the issuance of Steerage Templates and Tips that present readability and entrench ease of administration.
“We’ll proceed to implement the Act and foster collaboration amongst business actors to deepen home power safety, availability of merchandise and affordability of power commodities in step with our mandate as enshrined within the PIA,” he mentioned.
Komolafe advised operators and buyers that the fee is deepening its laws in a bid to make sure predictability within the business.
